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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

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De Vos has served on the bunker industry association’s board of directors since 2023.
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Expanded partnership offers turnkey wind propulsion installation services across CHI’s Chinese shipyard network.
Maersk vessel render. Maersk orders eight 18,600-teu dual-fuel vessels for 2029-2030 delivery  

A.P. Moller-Maersk signs shipbuilding agreement with New Times Shipbuilding in China.
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North Sea Container Line starts route with conventional ship before introducing Yara Eyde later in 2026.
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Swedish ferry company takes over Umeå–Vaasa route operator, adding biogas-powered vessel to its network.
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H2SITE says Norway is advancing with Enova-backed initiatives, and the first dedicated bunkering vessels are expected from 2027.
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Expansion adds 0.98 sq km, bringing total zone area to 6.12 sq km.
Graphic with photographs of IBIA's four elected board members for 2026. IBIA elects four board members for three-year terms  

Beumer, Campanella, Chung and Draffin join the board from 1 April 2026.
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Clean Arctic Alliance calls for polar fuel measure requiring cleaner fuels in Arctic waters.
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Tanker operator brings first hybrid-electric DPST into service on long-term charter with lower-emissions technology.

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